NEWPORT BEACH, CA—Focusing on wealth creation for the client regardless of the type of transaction that will accomplish it is the thrust of the Mogharebi Group, a newly formed joint venture between Alex Mogharebi and Cohen Financial. As GlobeSt.com recently reported, Mogharebi says "in other firms, the brokerage and lending sides of the business tend to arm-wrestle as to which one 'wins the transaction' with a client," whereby his firm aims to "eliminate that conflict and let the market decide the best solution, whether selling or refinancing a property." We spoke exclusively with Mogharebi and Cohen Financial's president of capital markets Manny Brown about the new venture and why its premise makes sense.
"After being in the market for more than 30 years with sales in excess of $5 billion and more than 50,000 units sold, we wanted to create a platform that is conducive for the client to make the best decision for wealth creation," Mogharebi tells us. "This new platform is a venture between two very unique organizations that is all about focusing on the client. The team is composed of a group of experts that specialize in a segment of our business that allows us to simultaneously provide asset disposition, location of exchange properties, as well as capital structuring services to our clients. There are others in the marketplace that have all of the pieces that we have; however, the lack of organization, cooperation and correct compensation results in conflicts of interest which keep investors from getting the information necessary to make the best decision."
Mogharebi says the new company is culturally and economically aligned with the client's best interest and will allow them to make the right decision, based on real-time market feedback without any additional expense. "No guessing—no conflicts. Just optimum execution and results."
The platform of the Mogharebi Group is based on 30 years of deep market knowledge and relationship building. "These relationships were built by understanding the client's needs, goals, and risk tolerance, which helps me partner with the client to achieve their goals," says Mogharebi. "This platform offers our clients true advisory services versus a transaction-based approach."
Brown tells GlobeSt.com that the new firm is a unique opportunity in the marketplace. "Alex has built a business on the investment-sales side and has had to depend on other parts of different companies to fulfill what he wanted to do. He didn't have the control or the organization he needed. He has the relationships and understands the clients, and culturally we mesh so well. Before we start talking about transactions, we focus on what the client's business plan is, what they are trying to achieve, and that helps us to understand the strategy we must take. Alex and his team are also focused that way. The way compensation flows through the venture is neutral; there's no pressure from any one area to try and get it done a certain way because we make more money that way."
Brown adds that at this point, both partners are focused on making this proposition work in this market. "If it works out and can be scaled, we will do it. But we're not focused on that." The same goes for similar joint ventures between Cohen Financial and other firms. "We don't want to get ahead of ourselves. In the short run, this has been amazing with Alex and us. We're excited about it, but we have a lot of work ahead of us. We're focused on bringing a quality, comprehensive product that's neutral to us and beneficial to the client."
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
